Location, Location, Location
Monday as I sat at the Connections event on the beautiful SUNY Oswego (http://www.oswego.edu) campus next to my former marketing teacher, I thought back to the marketing theories I received as a student in her class. The most vivid lesson was the one on the importance of “location, location, location” when starting a business. Back then McDonalds had the “corner” on erecting stores on prime real estate properties based on traffic patterns and neighborhood demographics. They had “location” down pat. I’m sure location is still a vital part of a retail store’s success but in today’s Internet focused marketplace, a company’s location, place and position on the top of the search engines is imperative for its marketing outreach; so is its ability to launch and sustain a social media marketing plan to an increasingly online consumer market.
In the last year Women TIES has conducted a couple luncheons focused on social media marketing. At each event there has been a diversity in women entrepreneurs’ knowledge, understanding and usage of social media to promote their businesses. Many of us struggle with knowing the best online strategies to help advertise our companies. If there’s one business topic women need to become clearer about before the end of this year, it’s understanding for once and for all what social media marketing is really about and creating the right strategy for their companies. I’ve asked two women who have become experts in the field to educate and advise us at the Retreat (http://www.womenties.com/retreat) so we can finally walk away with the knowledge we need to create our own corporate plan.
Today remind yourself that although marketing a business has changed dramatically over the past few years, education offers clarity, knowledge and insight to learn what we need to be successful. The only way we will keep growing as business owners is to take the time to be instructed on the best strategies and then go back to our offices and implement them no matter where our business are located.
Women Entrepreneurs’ Financial Glass Ceilings
When I stop to think about the lessons I learned from observing these women, I realize their examples shaped part of my own internal financial glass ceiling. The women who didn’t work and whose husbands brought in all the money were eventually left on their own. Women who were successful businesswomen ended up divorced because their husbands couldn’t handle their professional accomplishments. It seemed the more financially successful someone was the increased likelihood the marriage and family unit was broken. Because of this my family has been my top priority since becoming a woman entrepreneur and earning a high income is secondary.
When Women TIES Board Member Betsy Powers (www.lfa-sagemark.com) approached me about doing a special financial discussion at the retreat on how women entrepreneurs limit themselves financially based on their internal perceptions of money, I knew it would be a powerful discussion based on my own perceptions. Betsy will moderate a panel of three women sharing their personal thoughts that held them back financially until they recognized them. Today all three women bring in annual sales over one million dollars.
Business Education Continues
Not all women entrepreneurs I know were “schooled” in business before starting their companies. Many come from backgrounds in their choosen entrepreneurial pursuit – graphic design, marketing, science, engineering, and art. But somewhere along their entrepreneurial ventures, they realize the need to take business courses, continuing education classes, seminars and conferences to learn valuable information to help them succeed as business owners.
I always knew I wanted to be in business someday so when the time came to choose a college. I chose SUNY Oswego (www.oswego.edu) and received my Bachelors Degree in Business Adminstration. This educational foundation helped launch my business career in the early 1980s. Years later I took continuing education classes in management to further my professional career. I believe strongly that this education has helped me be the successful women entrepreneur I am today.
SUNY Oswego continues to excell in educating individuals interested in succeeding in business. Their new Metro Center located in downtown Syracuse is now offering an extensive line of educational courses for post graduate and continuing education credit. They are committed to delivering a solid business education at an affordable price. If you are a woman entrepreneur looking for some additional business education, please visit www.oswego.edu/womenties to see what they offer. Thank you SUNY Oswego for all you to do help and support women entrepreneurs looking to advance their degree and education in the field of business.
Staying Competitive in Tough Times
For the past five years, I have been a columnist for the Syracuse Post Standard (http://www.syracuse.com), “Ask the Entrepreneurs” column in Syracuse, New York. We are asked diverse business questions from local entrepreneurs. I wanted to share a recent column question and answer with women entrepreneurs about staying competitive in tough times.
Our question for the week was, “Competition is fierce, (especially while bidding for work), in this market. I would like to know what types of compromises or changes you have made while negotiating contracts to remain competitive, yet staying profitable.” My response follows:
The answer to that question may depend on the type of business you run, the number of competitors in your marketplace, and your financial plan. There are a lot of factors that go into being “competitive” long before facing a tough economic market.
As a service business, I cannot afford to drop my service rate and remain in business. Other companies may do this but I don’t think it’s the right answer in economic tough times. Providing exceptional service, delivering what is promised, and going beyond what is expected is something you can sell in your sales pitch. You can also supplement your bids with strong client references demonstrating a proven track record and lending another voice to your proposal.
In the end, if you need to earn more revenue, I don’t believe major pricing compromises are the way to handle it. I would suggest you widen your sales territory, increase the number of bids you’re submitting, and secure more contracts before making adjustments in product or service pricing.
As women entrepreneurs, we must continually be looking at our financial budget, adjust projections as the economy changes, and stay committed to our pricing structure. Periodically, conducting competitive research is an informative way to stay up-to-date on market trends. But in the end, we must remain profitable by sticking to our budget and pricing strategy while getting tougher in our sales efforts to bring in new business and money.
An Interview with Author Wendy Walker
Wendy Walker and I met when my story was selected for the 2009 Chicken Soup for the Soul: Power Moms book. Wendy was the book’s editor who selected my story. I have enjoyed getting to know Wendy.
I am impressed with her diverse background, decision to leave the corporate world to be a work-at- home mom and nationally recognized author. She has done alot of the right things along the way to gain national attention. I asked her to be the keynote speaker at “Inspiring Success: The Women TIES Retreat” on October 15th (http://www.womenties.com/retreat) to share some of the success strategies she has implemented along her journey in order to inspire other women entrepreneurs interested in propelling themselves to the national stage. Today learn alittle bit more about Wendy in a brief interview I conducted with her. I hope it inspires you to come to the event to meet her in person.
Wendy Walker Interview
Women TIES: Wendy, I’m thrilled you accepted my invitation to be the keynote speaker at the first annual Women TIES Retreat. As a nationally recognized author with two books and editor of three of the popular Chicken Soup for the Soul books, your rise to the national stage from your earlier career days as an attorney has been impressive. Without giving away too much of what you’ll be sharing with retreat attendees, what are some key turning points or decisions in your career that helped propel you to the national stage?
Wendy: For an author, the key turning points have to include getting an agent, getting a book deal and getting some good press to help promote the book. It’s very straightforward. What’s not straightforward is how any of us gets these things. Of all the fields I’ve worked in, writing and publishing has to be the most elusive. This is a business where people turn down books because they don’t feel “passionate” about it or because it didn’t “blow them away.” Can you imagine a lawyer turning down a client because she didn’t feel personally passionate about the case? Or a banker turning down a deal because the client’s business didn’t “blow her away?” The lawyer takes the case because she thinks she can win and the banker takes the deal if there’s money to made. Publishing has not fully embraced the business world and this can make it very challenging for an author. My journey has been a crazy ride down a winding road, and I look forward to sharing the details with everyone in October!
Women TIES: Success never comes without a price. Sometimes we are asked to compromise our vision for monetary gain. Has this happened to you along your journey and if so, what helped you stay the course?
Wendy: From the start of my relationship with my publisher, there has been a difference of opinion about what type of books I write. I have tried to merge issue-driven women’s literature with realistic characters and situation that are found more often in “chick lit.” And I have also made the books fast paced and suspenseful. I think that by stepping outside of one or another mold, it has added to the dilemma of how exactly to market my work. With my first novel, Four Wives, I let them guide me and we ended up with sexy covers and jacket copy that really didn’t work. For the second novel, Social Lives, I paid much more attention to what they were doing and wound up in a major battle with them and a national bookseller. It was a risky move, but I simply could not live with the cover they were insisting on for Social Lives. Not only did it not fit the book, it offended me as a writer and a woman. I’m not sure what impact this will have on my career. But I will never regret standing my ground.
Women TIES: During your rise to the national stage, how important has your “network” been in supporting you towards your largest goal?
Wendy: Invaluable! Never before have I understood so completely the importance of cultivating solid relationships with close friends and acquaintances. When I went up against a major bookseller recently, I turned to my network and they went to bat for me in more ways than one. I have tried very hard in my life to be trustworthy and genuine with the people I meet, and I don’t ask them for things I don’t truly need. Their response when I did ask for help was moving.
Women TIES: Can you briefly touch on one or two success strategies you have learned along the way that you’ll share in more detail at the Retreat that can help propel women entrepreneurs to the national stage?
Wendy: Networking is essential. From my work with Chicken Soup for the Soul to promoting my novels, there is nothing more powerful than personal relationships. It is frustrating at times to not be able to map out a plan of attack that is sure to work. I have come to accept that over time, but it hasn’t been easy! The truth is, you never know where these relationships will lead. Some are dead ends, and others turn out to be the key to success. I also believe that you have to be creative in your thinking. People tend to follow the same path. You have to be smarter than that by always looking for new paths to your target audience.
Women TIES: If attendees want to learn alittle bit more about your before the retreat, where is the best place for them to visit?
Wendy: My website at http://www.wendywalkerbooks.com. Check out my blogs and book trailer, reviews, excerpts and more.
Women TIES: Thank you for your time. We all look forward to hearing more success strategies from you at the Retreat along with meeting you during the book signing session on “Social Lives” and “Chicken Soup for the Soul: Power Moms.”
Sticking To Your Beliefs
A few weeks ago an important email message came across my desk entitled, “I need a favor.” It was from upcoming Women TIES Retreat keynote speaker Wendy Walker (http://www.wendywalkerbooks.com), asking for support with an urgent business issue.
After a dispute with national chain Barnes and Noble over the cover of her new book, they decided to drop a very large order. The cover they wanted to change, in her opinion, was highly objectifying to woman and inappropriate given the issues covered in the book. She noted, “When you see the cover we ended up with, you may wonder how much worse it could have been. It really was.”
To prove them wrong about the ability to sell a book about women without objectifying them, she asked some business associates to make phone calls to Barnes and Nobles’ flagship store requesting the book. I was happy to pick up the phone and place the call for her. The response from the person on the other line was, “My God, you’re the tenth person who’s called this morning. We’ve finally ordered more copies!” Later in the week, Wendy emailed us saying, “Because of all your calls, Barnes and Noble placed a national order.”
The message from Wendy’s business story is a great one for single women entrepreneurs and small businesses everywhere to remember. Although we might own smaller operations, we can do business with the big boys on our own terms. We do not have to compromise our principles to get what we want. We must remember our ideals and get creative to obtain what we deserve. The other point to remember from her story is to never underestimate the value of calling on your network to support you in your largest challenges.
Remember sometime our biggest disappointments can turn into triumphs as Wendy discovered right after the Barnes and Noble issue, when a major film company called her agent expressing an interest in turning the book into a future movie.
Today’s message is to remind you to stick to your guns when a bigger vendor, company or client asks you to compromise your business ideals. You are your business. Your name is all over your products. You must stand strong.
I encourage you to find out more about Wendy and our entrepreneurial retreat at http://www.womenties.com/retreat. Women entrepreneurs all over New York State are encouraged to attend our event. You’ll have an opportunity to personally meet Wendy and buy your own autographed copy of the book “Social Lives” before it becomes a movie. Cheers to happy Hollywood endings and sticking to your beliefs.
“Inspiring Success: The Women TIES Retreat”
Unexpected Opportunities
One day last week I had a rare occasion in the life of being a busy woman entrepreneur when an unexpected opportunity to sit peacefully in an amazingly beautiful environment was cast upon me. After a scheduled business meeting, I had an opportunity to sit in the midst of the recreated gardens of Giverny at Mirbeau Inn and Spa (http://www.mirbeau.com) in Skaneateles and soak up inspiration and wisdom from an amazing woman entrepreneur. My intense morning of work turned to calm as the sounds of the waterfall, the tranquility of the gardens, and the peacefulness in the air enveloped us as we shared our entrepreneurial goals with each other. Sometimes in the most frantic days, peace can be found.
September is the month when the business world gets back on track. Networking events, fundraisers, and corporate functions fill the calendar. Getting back to “business” can be overwhelming after a leisurely summer schedule due to the pace of a more relaxed Central New York environment. So if you find yourself overwhelmed with details, overextended on project deadlines and feeling behind in your work, realize that sometimes an hour of peace and calm in the middle of the day can change your outlook setting a more productive pace for the rest of the afternoon and delivering a pleasant blessing to your spirit.
15 Second Pitch
If you have been a consistent reader of blog or Wednesday Wisdom enewsletters, you know I have a tendency to be wordy in my writing. If you’ve met me in person you know my writing style is similar to my talkative Italian personality. I always want to make sure someone reading or listening to me understands my point.
So when you ask me to explain in a few words about my two businesses, there is no quick and easy explanation. You’ll get an excited and enthusiastic response to how my businesses help others. I don’t have a short and sweet way to efficiently explain both companies benefits because my personality doesn’t allow it. I simply love what I do too much to cut to the chase.
With personal attention spans getting shorter due to fast paced technology like instant messages and texting, an entrepreneur’s opportunity to explain what they do and what they offer has to be short and sweet. Sometimes it’s hard to roll fifteen years experience, a changing product line, and new business innovations into a succinct explanation.
Like other aspects of our professional and corporate development, we need to continually improve our marketing message and sales pitch to capture clients. Creating meaningful, impactful, sales pitches is one way to improve corporate opportunities.
If it’s been awhile since you updated your sales pitch, improved your marketing message, or stopped talking long enough to realize you need to be briefer, than maybe it’s time to do something about it! Visit one our member’s businesses 15 Second Pitch.com (http://www.15secondpitch.com) to learn how you can create a stunning and effective 15 second pitch for your business today. Just remember it’s okay to have lengthy conversations with your closest friends and family members but short and sweet sales pitches can be really effective for your business.
Clarity for Decision Making
As women entrepreneurs we face small and big decisions. Sometimes making decisions are easy and other times hard. Our ability to make a decision can depend on our state of mind. If our mind is cluttered with details, tasks, and emotion making a decision can be difficult. The trick many experts say is to find a way to empty the mind, to clear it of distractions and allow solutions to fill the space.
Sometimes an empty mind is found early in the morning as the sun is rising and coffee is pumping through our veins. Other times it is after yoga or a good run. Often it is the day after a brainstorming session with our closest advisors. Ironically clearing the mind requires thought and planning.
So if you are overwhelmed with making some small or large decisions, make time to clear your thoughts, be still, listen with your heart and then make the decisions that are right for you and your company’s future. Clarity will come, I promise.
Women TIES 